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Chinese stocks in red despite crackdown

Chinese stock markets in China have lost nearly 40 percent of their value since mid-June.

Chinese stock markets remain jittery as regulators cracked down on speculators which China blames for the unprecedented crash in the country's stock markets since mid June.

Both main indexes fell more than 4 percent at one point on Monday before recovering losses in the afternoon.

The blue-chip CSI300 index ended up 0.7 percent at 3,366.54 points. But the Shanghai Composite Index SSEC shed 0.8 percent to 3,207.07.

Both indexes plunged nearly 12 percent for the month. This has been the third straight monthly decline for the Chinese stock markets.

Meanwhile, China's main state broadcaster aired “confessions” by a financial journalist who admitted to spreading false information that caused "panic and disorder" in the stock market.

The stock markets in China have lost nearly 40 percent of their value since mid-June.

The decline comes despite drastic measures by Beijing to shore up the market.

Chinese authorities are expected to publish an official reading on August factor conditions on Tuesday.

Some economic observers contend that the activity of the world’s second biggest economy likely shrank at its fastest pace in three years.

Analysts believe that the summer crash in Chinese stock market can be attributed to the bursting of a stock market bubble which was encouraged by official media and fueled by borrowed money.

 


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